I am pleased to inform you that for the year 2024, the COLA for Social Security benefits will be 3.2%. This means that your monthly benefit amount will increase by 3.2% starting from January 2024. Although lower than last year’s 8.7% increase, it’s still above the two-decade average of 2.6%. COLA notices will be available online in the Message Center of your My Social Security account beginning in December 2023.

This adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the prices of goods and services from the third quarter of 2022 through the third quarter of 2023. It reflects the rising costs of essential items such as housing, food, healthcare, and transportation.

We understand the importance of Social Security benefits in providing financial security and peace of mind. This COLA increase aims to help maintain the value of your benefits and support your well-being.